BTC is currently in a standard macro downtrend.

From a higher timeframe perspective, the monthly, bi-weekly, and weekly charts are all making "lower lows," which is a typical bearish structure; at the same time, the price has been pressing below the weekly 21 EMA and 50 SMA, indicating that the medium-term trend has not yet reversed.
In this situation, as long as there are no clear long-term buy signals (such as regaining key moving averages and forming a higher low structure), it is difficult to talk about a reversal.
In the short term, it looks more like a consolidation within a downtrend rather than the start of a new rally.
The probability of further decline later this year remains relatively high.